Plastic2Oil Inc (PTOI)

[dreaminbig]

SUBSEQUENT EVENTS


In November 2010, a member of the Board of Directors entered into a short-term loan agreement with the Company in the amount of $30,000 (Note 7).

In February 2012, a member of the Board of Directors entered into a short-term loan agreement with the Company in the amount of $75,000 (Note 7).

Subsequent to the end of the quarter, in April 2012, a member of the Board of Directors entered into a short-term loan agreement with the Company in the amount of $25,000, the loan was to be used for working capital purposes (Note 17).


NOTE 17 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events occurring after the balance sheet and has identified the following:

As disclosed in Note 10, the Company settled with a dispute with a former employee who agreed to repay the Company $250,813 as settlement for the dispute. Subsequent to March 31, 2012, the Company received the first payment related to this settlement in the amount of $42,000.

In April 2012, a member of the Board of Directors entered into a short-term loan agreement with the Company in the amount of $25,000, the loan was to be used for working capital purposes.

In April 2012, the Company issued 129,309 shares of common stock that had previously been subscribed and the expense of such recorded in the Condensed Consolidated Statement of Operations for the period ended March 31, 2012.

http://www.sec.gov/Archives/edgar/data/1381105/000121390012002574/f10q0312_jbi.htm